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Our Bureau

New Delhi , June 24

THE Government on Thursday accorded approval to ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), to invest $200 million in laying an oil pipeline in Sudan. OVL will be paid back for its investments in crude oil.

The Cabinet Committee on Economic Affairs (CCEA) cleared the signing of a pact with Khartoum that awards the 741-km long pipeline project to OVL. The pact also gives a contract to India to revamp the refinery on a nomination basis, according to the Petroleum Minister, Mr Mani Shankar Aiyer.

"It marks a significant breakthrough in economic relations with Sudan," Mr Aiyer told reporters after the CCEA meeting.

According to officials, the OVL will hold 67 per cent stake in the pipeline project, while the remaining will be shared between Indian Oil Corporation (IOC) and Oil India Ltd (OIL).

The 12-inch pipeline will evacuate gas oil and gasoline from the 50,000 barrels per day Khartoum refinery to Port Sudan.

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